Inflators and deflators: The combination of the recession's impact and sweeping health reform is a mixed bag for employers' bottom line, the report said.

One major issue for companies: Cash-strapped hospitals and health providers will likely push more costs to employers. Hospitals are facing Medicare rate cuts, while more health providers are merging -- which means they'll be able to negotiate higher rates.

On the other hand, some changes are driving employers' health expenses down.

For example, the cost of providing COBRA coverage -- which lets some workers who quit, are laid off or otherwise leave their jobs to extend their health plans -- should return to "more normal levels" in 2011, saving employers money.

Also, several major brand-name drugs, including Lipitor, will lose their patents in 2011, opening them up to competition from cheaper generic versions.